laura.alamery
Contributing Member
Cash: $ 7.50
Posts: 35
Joined: 22 Oct 2010
Location: St Louis, MO
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| Virtual Investing |
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What you are referring to is basically virtually investing - it means buying and selling real estate long-distance using computers, online references, fax machines and telephones.
Short sales, REOs, Commercial and any other type of real estate can fit into the virtual investing module. It is a matter of organization and a few careful considerations in order to automate this type of business and it can be run from anywhere in the world.
I have personally done it from time to time.
1. Research the real estate markets that show signs of depression, but at the same time have activity with investors and speculators.
2. Contact local agents and construction contractors. A good place to look is on Craigslist for that specific area and also contact local real estate investors clubs for references. Choose a few to communicate with and set up a meeting.
3. Take a trip! Personally visit the area and meet with the agents and contractors you have chosen. Have them take you around, see potential investment areas and sample properties. Then with this information and your gut feeling, choose who do you want to work with. Keep a couple of each at hand, just in case they don’t work out.
4. Back at home, have the agent run MLS searches for properties in distressed selling condition (short sales, REO, motivated sellers, vacant homes) and also look on Craigslist and other websites of FSBO (for sale by owner), wholesalers, etc. – too many to mention. Also have your agent run comps on the properties you have an interest in.
5. Write up some contracts with a 10 day inspection contingency: your agent and contractor will be your eyes, so you need some time to send them to the property, take photos to send to you and give you a report.
6. Once the property seems a viable property with comparables and repair estimate, go ahead and purchase the property. You can use your local title company or a title company in the area of the property: if you like your local title company, deal with them.
7. If you wholesale/flip the property, work with your agent to list it and use any other means to sell the property long distance as you would do locally.
Laura Al-Amery is a real estate investor and consultant, with 23 years exerience in many real estate sectors. For a FREE Report on “The 8 Most Profitable Real Estate Niches,” please visit www.BestRealEstateNiches.com
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Fri Aug 19, 2011 5:41 pm |
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marshal france
Full Member
Cash: $ 14.25
Posts: 61
Joined: 21 Jul 2011
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| Re: Virtual Investing |
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quote:
Originally posted by laura.alamery
What you are referring to is basically virtually investing - it means buying and selling real estate long-distance using computers, online references, fax machines and telephones.
Short sales, REOs, Commercial and any other type of real estate can fit into the virtual investing module. It is a matter of organization and a few careful considerations in order to automate this type of business and it can be run from anywhere in the world.
I have personally done it from time to time.
1. Research the real estate markets that show signs of depression, but at the same time have activity with investors and speculators.
2. Contact local agents and construction contractors. A good place to look is on Craigslist for that specific area and also contact local real estate investors clubs for references. Choose a few to communicate with and set up a meeting.
3. Take a trip! Personally visit the area and meet with the agents and contractors you have chosen. Have them take you around, see potential investment areas and sample properties. Then with this information and your gut feeling, choose who do you want to work with. Keep a couple of each at hand, just in case they don’t work out.
4. Back at home, have the agent run MLS searches for properties in distressed selling condition (short sales, REO, motivated sellers, vacant homes) and also look on Craigslist and other websites of FSBO (for sale by owner), wholesalers, etc. – too many to mention. Also have your agent run comps on the properties you have an interest in.
5. Write up some contracts with a 10 day inspection contingency: your agent and contractor will be your eyes, so you need some time to send them to the property, take photos to send to you and give you a report.
6. Once the property seems a viable property with comparables and repair estimate, go ahead and purchase the property. You can use your local title company or a title company in the area of the property: if you like your local title company, deal with them.
7. If you wholesale/flip the property, work with your agent to list it and use any other means to sell the property long distance as you would do locally.
thanks for your suggestions.
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Wed Aug 31, 2011 10:09 am |
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MikeMiks
Member
Cash: $ 3.00
Posts: 14
Joined: 11 Aug 2011
Location: Salt Lake City, Utah
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Yup, definitely I agree on what she said that research is really the key if you are not familiar with the state you are about to purchase a home. Through research you can be familiar with the state laws or laws about home ownership within that area.
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Sat Sep 03, 2011 9:21 am |
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